8.2 Key Terms

payroll register: A record or database that tracks employee compensation, deductions, and related information. It serves as a central source of data for payroll processing and year-end reporting.

T4 form: A tax form that summarizes an employee’s income and deductions for the year. It includes information such as employment income, benefits, and tax withholdings.

T4 summary: A summary of all the T4 forms issued by an employer for a specific calendar year. It provides a consolidated view of the total income, deductions, and tax withholdings for all employees.

year-end reporting: The process of summarizing and reporting payroll-related information for the fiscal year, including income and deductions, to the government and other relevant parties.